Visiting coach Hernan Dario Gomez has called up a squad of 19 for the clash in Lima, all but three of which play their football in Panama's domestic league.
Only goalkeeper Oscar McFarlane, defender Harold Cummings and midfielder Narbon Francisco play for clubs outside the country, and join a side looking to end a run of seven matches without a win.
With the Copa Centroamericana due to begin in the United States next month, Gomez wants to see the younger players stake a claim for a regular spot in the squad.
"This is a larger selection, and here I will take players to the Copa Centroamericana," he is quoted as saying by La Estrella de Panama.
"Hopefully there are several that are going to fight the players that are already established.
"I want to win every game. But sometimes I need to think about some things."
Peru have been on an even worse run of form and have slipped to 59th in the FIFA rankings after suffering an eight-match winless run.
Head coach Pablo Bengoechea was appointed in March and takes charge of the side for the third time, following respective 3-0 and 2-0 defeats against England and Switzerland.
The 49-year-old has a similar outlook on the Panama friendly as his opposite number and believes the clash will provide a chance to assess some of Peru's young talent.
"I have the same reading as Gomez," he told depor.pe.
"In this match I expect to see a number of potential players we will use in the future. The idea is to see which players are [ready] for the next matches.
"We are happy with what we did [in training]. We will continue to develop the game. The match is on Wednesday, but the players are already taking home an idea of what we want. With our weapons we will try to make a good match."
Bengoechea also confirmed that no replacement would be called up to cover for the injured Raul Ruidiaz, while there are doubts over the fitness of Rinaldo Cruzado, who sustained a knee problem in training.
